Russia Shrinks Budget Deficit a Little as Spending Growth Slows

Russia’s huge budget deficit shrank as spending slowed in March, even as the war in Ukraine continued to hammer the government’s revenue.

The fiscal shortfall decreased to 2.4 trillion rubles ($29.4 billion) at the end of March from 2.58 trillion in the first two months of the year, data published Friday by the Finance Ministry showed. Spending growth slowed to 4.2% in March after surging by about 50% in February as a result of accelerated expenditures early in the year, the ministry said.

Non-energy revenues increased for the second month in a row after a collapse in January.

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